From 23rd August Aviva are improving their Critical Illness+ and Life Insurance+ with Critical Illness cover for new business - making it simpler for both advisers and clients to understand.
Talking to my adviser, which of course these days is on Teams, helped me realise how much technology and automated reporting wealth managers use - before they even outsource the investment management!
Find out why we believe Covid-19 could be protection's 'black swan' event.
Aegon have made changes to their Critical Illness policy, introduced a new 2 year payment option and changed the maximum limits for their Income Protection policies. These are now available to quote on the LifeQuote Portal as single or multi benefit quotes.
Aviva have introduced Simple Life Insurance to complement their Life Insurance+ policy to help advisers ensure that more customers are financially protected whatever their budget. The new policy is claimed to be clear and easy for different groups of advisers and their clients.
LV= have today made some updates to their Critical Illness product to change some of the limits and have updated their condition list.
From a customer's perspective, not much has changed about their understanding and need for Life and Protection products. Most aren't aware and don't understand the complexities of the range of solutions, and they often don't see the potential risk.
Financial services is rapidly changing, arguably supporting customer-selling preferences in many more ways, with CRMs, research tools, quote portals and calculators simplifying some of this complexity, allowing advisers to focus on explaining difficult concepts to customers. It's no surprise that outsourcing is frequently used in our industry because of the sheer breath of your clients' requirements.
LifeQuote has been nominated as Best Technology Provider
Neil McCarthy, chief commercial officer at Direct Life & Pension Services, who offer protection services to financial advisers and consumers, explained: "When we first started looking at ISO 27001, my first reaction was that it's a certificate for IT procedures. It isn't, it's much, much more. ISO 27001 is an international standard that provides the specification for an Information Security Management System (ISMS)"
LifeQuote is highly commended for Best Tech Service
Direct Life and Pension Services has been confirmed to be the 12th member of the Protection Distribution Group (PDG). Direct Life joins other members Assured Futures, Cavendish Ware, Cura, Drewberry, Future Proof, Highclere, LifeSearch, LightBlue, London & Country, Seasame Bankhall Group and Roxburgh.
Since forming in 2016, the PDG has driven industry changes such as the Funeral Payment Pledge and the PDG Claims Charter.
Huge benefits ahead?
As we head towards the 2020's the next decade will be characterised by how both protection insurers and intermediaries use data better.
But, far from what many observers would have us believe, we are now moving to a Star Trek world of robots taking over our jobs. What's happening is an evolution of what we already do, and this is fuelled by greater access to data and the advancement of technology. And, the data is not even new, it's just we haven't been able to get it in one place before.
In supporting iPipeline we ensure that no adviser needs to turn away a potential protection case, whether because of their time pressures or because of it's complexity.
LifeQuote's services support advisers in what they are best at, and that's identifying a need and recommending a category of product, whether a fixed interest mortgage, some Critical Illness or Family Income Benefit.
Direct Life's Neil McCarthy argues the case for brokers adding protection for SME staff to their portfolio.
In 2017, there were 5.7m businesses in the UK of which over 99% were classified as small or medium sized businesses (SMEs), i.e. those employing 0-249 people.
But of that 5.7m, 96% (or 5.5m) are micro-business, employing fewer than then people. The majority of these businesses rely on one or two individuals for their commercial survival. And, the average age of the business owners is 49. What happens when a key person gets ill?
Adviser protection platform LifeQuote is combining with Anorak to integrate data science technology into its quote and application services, it was announced at COVER Protection and Tech Forum today.
By utilising Anorak's data models, customer profiling tools and policy scoring to determine customers' needs, LifeQuote will match customers with solutions and provide advice all within a singularly packaged format.
LifeQuote's GDPR policy will involve holding advisers' electronic data and physical documents for the time being and as it records all calls, these will be retained under the same policy.
For quotation only but no application, data will be held for 365 days. If an application is made but no policy was completed, data will be held for six years, or longer if requested by the regulator.
About 60 intermediary businesses have added a protection comparison service to their website, allowing clients to search, select and buy from a whole of market protection service.
The adviser branded comparison service is provided by LifeQuote, which provides comparison platforms for intermediaries and supports some of the UK's largest consumer comparison sites.
Also available on Cover.
The Right Mortgage & Protection Network is outsourcing its protection case management to LifeQuote, a service which handles all client support once products have been recommended and sourced via iPipeline's SolutionBuilder.
The LifeQuote service, which carries client cases through to completion, costs £95 per completed case - or a reduced fee depending on the point at which the client drops off.
Could 2018 be the year to harness digital to boost protection sales?
Most readers on this article will have been cold called by a company promoting SEO (Search Engine Optimisation), or some other social media quick fix, that will boost your online viability in a hope to drive many new people to your business.
LifeQuote has launched a new customisable web-based service for advisers that allow them to offer clients or prospects a direct-to-consumer (D2C) protection platform on their website.
LifeQuote said the D2C service was made for clients who wanted to investigate the prices of life policies but may not want a full intermediated service.
Can also be found on Professional Adviser.
LifeQuote's system integrates with the SolutionBuilder platform.
Adviser network Openwork has chosen LifeQuote to provide outsourced case management to its firms. Openwork advisers can pass their post client recommendation administration to LifeQuote to manage to completion.
Four big banks are among the 17 firms accepted into the FCA's robo-advice development project 'advice unit', the regulator has revealed.
In a statement released today, the FCA named the participants in its first two rounds of the project, which aims to help firms develop automated advice and discretionary investment management models.
Legal & General have launched a Buy Now life insurance policy with Direct Life which will be initially available on Confused.com.
Legal & General's new Buy Now policy will use Direct Life's common question set, allowing clients to choose between Legal & General, Aviva and Beagle Street's Buy Now offerings without needing to complete the full medical underwritten journey.
Lapsed policies and clawback is not just a financial issue; it represents many hours lost in precious adviser time.
While it will never be possible to stop all lapses, there are lessons that can be learnt from across the industry and indeed from the direct market in how best to make your business 'stickier'.
Emily Perryman asks the duo about their plans to make buying protection easier then ever.
Being a technology company in the competitive fintech landscape would worry a lot of executives, but LifeQuote's Neil McCarthy and Rob Quayle are confident in their ability to stand out from the crowd.
Specialist armed forces intermediary, Insignia Underwriting, has launched a bespoke online protection portal for military personnel and their families.
This is the second specialist military intermediary to launch with LifeQuote this year.
LifeQuote has launched a new case tracking system with real time updates on all protection insurance cases.
Advisers can now see, in a summary view, the status of all protection applications from all insurers in one place, whether ‘in progress', ‘awaiting start date', ‘at risk' or ‘completed'.
Through LifeQuote, advisers will now be able to search, quote and apply for Scottish Widows protection products on a single platform.
The Scottish Widows products now available through LifeQuote include standalone life cover, standalone critical illness, life and critical illness, family income benefit and critical illness and business protection.
LifeQuote has rebranded with a new website as well as fresh marketing and campaign material.
After last year's management buyout the firm has redefined its purpose to focus on helping advisers grow their protection business.
Specialist armed forces insurer, Trinity Insurance Services, has launched an online protection portal for armed forces personnel and their families.
The portal provides a panelled aggregation service that allows forces personnel to see if they qualify for a range of life and protection policies given their current military status.
As advisers know, cost plays an important, if not overriding, part of many clients’ decision-making process with respect to their protection needs.
With cost of housing continuing to rise, many home buyers, who represent between 35% to 50% of all first time protection sales, are understandably short of disposable income; with generation rent having the same affordability issues.
Mike Dodd, previous CEO of Sirius Financial Solutions, has joined Direct Life as a non-exec director.
He brings 39 years of business, IT and entrepreneurship experience to his new role.
He spent nine years at Sirius Financial Solutions, where he was business development director and later CEO of the UK business.
Mark Myers, British Friendly's outgoing CEO, has joint Direct Life as non-exec director.
Myers stepped down as CEO of British Friendly in September 2016 and was succeeded by Ian Clark. The appointment follows Direct Life's management buy-out in October 2016 by MD Rob Quayle and Sales & Marketing Director Neil McCarthy.
The past decade has seen a huge rise in the numbers renting as opposed to buying. Renting overtook ownership in 2004 for 21-25 year-olds, and in 2011 for 26-30 year-olds.
Historically, there was a perception that renters largely didn’t need protection cover. But for today’s renters, the loss of an income would be just as devastating as for someone with a mortgage. This is worrying, as the protection industry is largely not currently set up to handle generation rent.
Advisers within the mortgage, pension and protection industries could be next in line to fall within call recording legislation, according to LifeQuote.
Mortgage advisers using LifeQuote’s platform will now have access to Aviva’s full range of protection products.
Aviva recently launched the range, which offers both personal and business protection products.
Its personal protection range includes life insurance, critical illness, income protection, free parent life cover and guaranteed whole life cover.
Direct Life, which owns LifeQuote, is being purchased from Cardif Pinnacle Insurance Holdings Ltd, by its managing director Rob Quayle and sales and marketing director Neil McCarthy.
The FCA has already approved the change in control, and completion is expected at the end of October.
Direct Life employs over 90 people in Chichester and provides a whole of market protection portal, and a fully outsourced case management service for advisers.
Also available on Cover
ABR editor Rob Kingsbury visited outsourced protection admin service LifeQuote to see first hand what the company offers and how it operates
When I meet with Neil McCarthy, marketing director of LifeQuote, at the company’s Chichester office, he shows me an article from a national newspaper. It’s about a widow whose life insurance claim on her husband has been rejected because of an error made on the application form. “It struck me that this is just the kind of situation, where the client has lost out and the financial adviser is blamed, that we can help avoid,” says McCarthy (pictured left with MD Rob Quayle)).
LifeQuote has warned that the MIFID requirement for advisers to record phone calls will be replicated in protection.
Advisers will have to record all phone calls under incoming Markets in Financial Instruments Directive (MiFID II) rules, the Financial Conduct Authority (FCA)said in its latest consultation paper.
Initially, the regulation will only apply to investments, though the broader more generic regulatory requirements for all financial services follow a similar line, regardless of subject area.
iPipeline's quote and apply portal, SolutionBuilder® can now seamlessly link to LifeQuote's outsourced protection case management service.
The integration allows advisers using iPipeline's SolutionBuilder to seamlessly access the LifeQuote platform and transfer cases to LifeQuote's outsourced case management team to handle the collection of the application data, case processing with insurers, and chasing of medical evidence.
LifeQuote is now enabling advisers to submit an application based on any quote from either an insurer's site directly or another quote portal.
This enables LifeQuote to ensure that whatever the illustration or product combination the adviser wishes to recommend, provided they have an agency with the insurer in question LifeQuote are able to process the case on the advisers behalf in the normal way.
This enables the adviser to take advantage of the tele-underwriting and administration services they provide.
LifeQuote has introduced a text service for intermediary support after trials showed improved responses compared with emails and telephone contact.
The provider had previously used texts as basic reminders or updates but now it has linked the text to workflow to increase the length of message and allow a reply.
LifeQuote said this new method of communication is already driving immediate responses and is yielding double the number of immediate replies compared to telephone and email.